Australia-based telecommunications company Telstra and Indonesia-based counterpart Telkom Indonesia have signed a memorandum of understanding to jointly invest in startups across Southeast Asia.
Telstra and Telkom Indonesia formed a strategic partnership in 2014 to supply network applications and services to local and Australian businesses operating in Indonesia through a joint venture company called Telkomtelstra.
The investment will be conducted through the companies’ respective corporate venturing units, Telstra Ventures and Metra Digital Investama.
Telstra Ventures is increasingly investing in Asia and will look to harness Telkom Indonesia’s expertise in the region. The Indonesian firm will learn from Telstra’s corporate venturing expertise and gain access to its in startup centres in Silicon Valley, China and Israel.
Cynthia Whelan, Telstra’s group executive for international and new businesses, said: “With the entrepreneurial talent across Southeast Asia and a population of 600 million people, including some of the heaviest users of social media and mobiles in the world, this a great time to be working more closely with Indonesia’s biggest telecommunications company on investment opportunities.
“There are many emerging technology start-ups in the region, including in areas like e-commerce, e-health, the internet of things and fintech.”
Pak Indra Utoyo, director of Telkom Indonesia’s digital and strategic portfolio, added: “Over the last two years, Telkom and Telstra have established a good relationship, bringing network applications and services to businesses in Indonesia through our joint venture, Telkomtelstra.
“Today, our continued partnership extends to collaborating on venture opportunities in the region, where we will again leverage both Telkom and Telstra’s deep local expertise as well as experience in global ventures investments.